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us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2021-07-04 iso4217:USD xbrli:pure utr:Year xbrli:shares utr:Month iso4217:USD xbrli:shares utr:Day ter:Segment
Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
10-Q
 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 3, 2022
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
                    
to
                    
Commission File No. 
001-06462
 
 
TERADYNE, INC.
(Exact name of registrant as specified in its charter)
 
 
 
Massachusetts
 
04-2272148
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
   
600 Riverpark DriveNorth Reading,
Massachusetts
 
01864
(Address of Principal Executive Offices)
 
(Zip Code)
978-370-2700
(Registrant’s Telephone Number, Including Area Code)
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Common Stock, par value $0.125
 
per share
 
TER
 
Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in
Rule 12b-2
of the Exchange Act (check one):
 
Large accelerated filer      Accelerated filer  
       
Non-accelerated
filer
     Emerging growth company  
       
Smaller reporting company           
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    Yes  ☐    No  
The number of shares outstanding of the registrant’s only class of Common Stock as of August 1, 2022 was 156,781,680
shares.
 
 
 
 

Table of Contents
TERADYNE, INC.
INDEX
 
 
 
 
  
Page No.
 
 
  
Item 1.
 
  
 
  
 
1
 
 
  
 
2
 
 
  
 
3
 
 
  
 
4
 
 
  
 
5
 
 
  
 
6
 
Item 2.
 
  
 
28
 
Item 3.
 
  
 
38
 
Item 4.
 
  
 
39
 
 
  
Item 1.
 
  
 
39
 
Item 1A.
 
  
 
39
 
Item 2.
 
  
 
40
 
Item 4.
 
  
 
40
 
Item 6.
 
  
 
40
 

Table of Contents
PART I
 
Item 1:
Financial Statements
TERADYNE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
 
  
July 3,

2022
 
 
December 31,
2021
 
 
  
 
 
 
 
 
 
  
(in thousands,
except per share amount)
 
ASSETS
  
 
Current assets:
  
 
Cash and cash equivalents
   $ 572,023     $ 1,122,199  
Marketable securities
     209,846       244,231  
Accounts receivable, less allowance for credit losses of $1,849 and $2,012 at July 3, 2022 and December 31, 2021, respectively
     683,739       550,749  
Inventories, net
     295,625       243,330  
Prepayments
     498,093       406,266  
Other current assets
     11,109       9,452  
    
 
 
   
 
 
 
Total current assets
     2,270,435       2,576,227  
Property, plant and equipment, net
     411,263       387,240  
Operating lease
right-of-use
assets, net
     66,661       68,807  
Marketable securities
     111,999       133,858  
Deferred tax assets
     126,639       102,428  
Retirement plans assets
     14,245       15,110  
Other assets
     26,942       24,096  
Acquired intangible assets, net
     62,509       75,635  
Goodwill
     397,733       426,024  
    
 
 
   
 
 
 
Total assets
   $ 3,488,426     $ 3,809,425  
    
 
 
   
 
 
 
LIABILITIES
                
Current liabilities:
                
Accounts payable
   $ 175,606     $ 153,133  
Accrued employees’ compensation and withholdings
     190,506       253,667  
Deferred revenue and customer advances
     163,127       146,185  
Other accrued liabilities
     133,881       124,187  
Operating lease liabilities
     17,770       19,977  
Income taxes payable
     106,863       88,789  
Current debt
     9,632       19,182  
    
 
 
   
 
 
 
Total current liabilities
     797,385       805,120  
Retirement plans liabilities
     141,884       151,141  
Long-term deferred revenue and customer advances
     50,357       54,921  
Long-term other accrued liabilities
     15,530       15,497  
Deferred tax liabilities
     3,143       6,327  
Long-term operating lease liabilities
     57,600       56,178  
Long-term incomes taxes payable
     59,135       67,041  
Debt
     64,796       89,244  
    
 
 
   
 
 
 
Total liabilities
     1,189,830       1,245,469  
    
 
 
   
 
 
 
Commitments and contingencies (Note Q)
                
Mezzanine equity:
                
Convertible common shares
     —         1,512  
SHAREHOLDERS’ EQUITY
                
Common stock, $0.125 par value, 1,000,000 shares authorized; 157,880 and 162,251 shares issued and outstanding at July 3, 2022 and December 31, 2021, respectively
     19,735       20,281  
Additional
paid-in
capital
     1,721,586       1,811,545  
Accumulated other comprehensive loss
     (52,959     (5,948
Retained earnings
     610,234       736,566  
    
 
 
   
 
 
 
Total shareholders’ equity
     2,298,596       2,562,444  
    
 
 
   
 
 
 
Total liabilities, convertible common shares and shareholders’ equity
   $ 3,488,426     $ 3,809,425  
    
 
 
   
 
 
 
The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s Annual Report
on Form
10-K
for the year ended December 31, 2021, are an integral part of the condensed consolidated financial statements.
 
1

Table of Contents
TERADYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
For the Three Months

Ended
   
For the Six Months

Ended
 
    
July 3,
   
July 4,
   
July 3,
   
July 4,
 
    
2022
   
2021
   
2022
   
2021
 
                          
    
(in thousands, except per share amount)
 
Revenues:
                                
Products
   $ 697,954     $ 951,945     $ 1,323,829     $ 1,612,453  
Services
     142,812       133,783       272,307       254,881  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total revenues
     840,766       1,085,728       1,596,136       1,867,334  
Cost of revenues:
                                
Cost of products
     274,674       388,845       517,690       656,629  
Cost of services
     59,703       49,894       117,124       102,098  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below)
     334,377       438,739       634,814       758,727  
    
 
 
   
 
 
   
 
 
   
 
 
 
Gross profit
     506,389       646,989       961,322       1,108,607  
Operating expenses:
                                
Selling and administrative
     139,533       140,187       279,718       269,984  
Engineering and development
     111,951       110,021       220,067       210,423  
Acquired intangible assets amortization
     4,871       5,402       9,934       10,938  
Restructuring and other
     2,044       2,507       17,758       (4,623
    
 
 
   
 
 
   
 
 
   
 
 
 
Total operating expenses
     258,399       258,117       527,477       486,722  
    
 
 
   
 
 
   
 
 
   
 
 
 
Income from operations
     247,990       388,872       433,845       621,885  
Non-operating
(income) expense:
                                
Interest income
     (951     (633     (1,653     (1,441
Interest expense
     913       5,566       1,925       11,569  
Other (income) expense, net
     9,436       (87     14,622       3,738  
    
 
 
   
 
 
   
 
 
   
 
 
 
Income before income taxes
     238,592       384,026       418,951       608,019  
Income tax provision
     40,805       55,707       59,236       74,188  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income
   $ 197,787     $ 328,319     $ 359,715     $ 533,831  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income per common share:
                                
Basic
   $ 1.24     $ 1.98     $ 2.24     $ 3.21  
    
 
 
   
 
 
   
 
 
   
 
 
 
Diluted
   $ 1.16     $ 1.76     $ 2.07     $ 2.85  
    
 
 
   
 
 
   
 
 
   
 
 
 
Weighted average common shares—basic
     159,563       165,995       160,805       166,243  
    
 
 
   
 
 
   
 
 
   
 
 
 
Weighted average common shares—diluted
     171,159       186,750       173,367       187,245  
    
 
 
   
 
 
   
 
 
   
 
 
 
The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s
Annual Report on Form
10-K
for the year ended December 31, 2021, are an integral part of the condensed
consolidated financial statements.
 
2

TERADYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
For the Three Months

Ended
   
For the Six Months

Ended
 
    
July 3,
   
July 4,
   
July 3,
   
July 4,
 
    
2022
   
2021
   
2022
   
2021
 
                          
    
(in thousands)
 
Net income
   $ 197,787     $ 328,319     $ 359,715     $ 533,831  
Other comprehensive income, net of tax:
                                
Foreign currency translation adjustment, net of tax of $0, $0, $0, $0, respectively
     (29,230     5,150       (37,307     (15,974
Available-for-sale
marketable securities:
                                
Unrealized (losses) gains on marketable securities arising during period, net of tax of $(1,240), $436, $(2,573), and $(472), respectively
     (4,522     1,494       (9,910     (1,776
Less: Reclassification adjustment for losses (gains) included in net income, net of tax of $77, $2, $59, $(121), respectively
     274       3       209       (441
    
 
 
   
 
 
   
 
 
   
 
 
 
       (4,248     1,497       (9,701     (2,217
Defined benefit post-retirement plan:
                                
Amortization of prior service credit, net of tax of $0, $0, $(1), $(1), respectively
     (2     (2     (3     (3
    
 
 
   
 
 
   
 
 
   
 
 
 
Other comprehensive (loss) income
     (33,480     6,645       (47,011     (18,194
    
 
 
   
 
 
   
 
 
   
 
 
 
Comprehensive income
   $ 164,307     $ 334,964     $ 312,704     $ 515,637  
    
 
 
   
 
 
   
 
 
   
 
 
 
The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s
Annual Report on Form
10-K
for the year ended December 31, 2021, are an integral part of the condensed
consolidated financial statements.
 
3

TERADYNE, INC.
CONDENSED STATEMENTS OF CONVERTIBLE COMMON SHARES
AND SHAREHOLDERS’ EQUITY
(Unaudited)
 
 
  
 
 
 
Shareholders’ Equity
 
 
  
Convertible
Common
Shares
Value
 
 
Common
Stock Shares
 
 
Common
Stock Par
Value
 
 
Additional
Paid-in Capital
 
 
Accumulated
Other
Comprehensive
(Loss) Income
 
 
Retained
Earnings
 
 
Total
Shareholders’
Equity
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
(in thousands)
 
For the Three Months Ended July 3, 2022
  
 
 
 
 
 
 
Balance, April 3, 2022
   $           161,053     $ 20,132     $ 1,711,690     $ (19,479   $ 762,189     $ 2,474,532  
Net issuance of common stock under stock-based plans
              33       4       (1,675                     (1,671
Stock-based compensation expense
                              11,658                       11,658  
Repurchase of common stock
              (3,206     (401                     (333,933     (334,334
Cash dividends ($0.11 per share)
                                              (17,561     (17,561
Settlements of convertible notes
              495       62       (149                     (87
Exercise of convertible notes hedge call options
              (495     (62     62                           
Cumulative-effect of change in accounting principle related to convertible debt
                                              1,752       1,752  
Net income
                                              197,787       197,787  
Other comprehensive loss
                                      (33,480             (33,480
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance, July 3, 2022
   $           157,880     $ 19,735     $ 1,721,586     $ (52,959   $ 610,234     $ 2,298,596  
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
For the Three Months Ended July 4, 2021
                                                         
Balance, April 4, 2021
   $ 1,233        166,419     $ 20,802     $ 1,765,971     $ 8,677     $ 529,103     $ 2,324,553  
Net issuance of common stock under stock-based plans
              215       27       14,283                       14,310  
Stock-based compensation expense
                              12,515                       12,515  
Repurchase of common stock
              (1,190     (149                     (155,846     (155,995
Cash dividends ($0.10 per share)
                                              (16,624     (16,624
Settlements of convertible notes
              367       46       45,977                       46,023  
Exercise of convertible notes hedge call options
              (367     (46     (46,291                     (46,337
Convertible common shares
     20,153                        (20,153                     (20,153
Net income
                                              328,319       328,319  
Other comprehensive income
                                      6,645               6,645  
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance, July 4, 2021
   $ 21,386        165,444     $ 20,680     $ 1,772,302     $ 15,322     $ 684,952     $ 2,493,256  
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
For the Six Months Ended July 3, 2022
                                                         
Balance, December 31, 2021
   $ 1,512        162,251     $ 20,281     $ 1,811,545     $ (5,948   $ 736,566     $ 2,562,444  
Net issuance of common stock under stock-based plans
              585       73       (16,318                     (16,245
Stock-based compensation expense
                              25,862                       25,862  
Repurchase of common stock
              (4,956     (619                     (545,179     (545,798
Cash dividends ($0.22 per share)
                                              (35,470     (35,470
Settlements of convertible notes
              1,004       125       (306                     (181
Exercise of convertible notes hedge call options
              (1,004     (125     125                           
Cumulative-effect of change in accounting principle related to convertible debt
    
(1,512
)
 
                     (99,322             94,602       (4,720
Net income
                                              359,715       359,715  
Other comprehensive loss
                                      (47,011             (47,011
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance, July 3, 2022
   $        157,880     $ 19,735     $ 1,721,586     $ (52,959   $ 610,234     $ 2,298,596  
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
For the Six Months Ended July 4, 2021
                                                         
Balance, December 31, 2020
   $ 3,787        166,123     $ 20,765     $ 1,765,323     $ 33,516     $ 387,414     $ 2,207,018  
Net issuance of common stock under stock-based plans
              885       111       211                       322  
Stock-based compensation expense
                              25,874                       25,874  
Repurchase of common stock
              (1,564     (196                     (202,988     (203,184
Cash dividends ($0.20 per share)
                                              (33,305     (33,305
Settlements of convertible notes
              1,589       199       203,507                       203,706  
Exercise of convertible notes hedge call options
              (1,589     (199     (205,014                     (205,213
Convertible common shares
     17,599                        (17,599                     (17,599
Net income
                                              533,831       533,831  
Other comprehensive loss
                                      (18,194             (18,194
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance, July 4, 2021
   $ 21,386        165,444     $ 20,680     $ 1,772,302     $ 15,322     $ 684,952     $ 2,493,256  
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s
Annual Report on Form
10-K
for the year ended December 31, 2021, are an integral part of the condensed
consolidated financial statements.
 
4

Table of Contents
TERADYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
    
For the Six Months Ended
 
    
July 3,
   
July 4,
 
    
2022
   
2021
 
              
    
(in thousands)
 
Cash flows from operating activities:
    
Net income
   $ 359,715     $ 533,831  
Adjustments to reconcile net income from operations to net cash provided by operating activities:
    
Depreciation
     44,460       45,848  
Stock-based compensation
     25,122       23,231  
Amortization
     10,095       19,343  
Losses (gains) on investments
     8,973       (4,650
Provision for excess and obsolete inventory
     6,695       3,625  
Deferred taxes
     (23,597     (800
Contingent consideration fair value adjustments
              (7,227
Loss on convertible debt conversions
              5,244  
Retirement plans actuarial gains
              (627
Other
     522       199  
Changes in operating assets and liabilities
    
Accounts receivable
     (146,384     (372,698
Inventories
     (46,682     19,908  
Prepayments and other assets
     (94,751     (117,416
Accounts payable and other liabilities
     (43,611     86,790  
Deferred revenue and customer advances
     14,163       15,189  
Retirement plans contributions
     (2,618     (2,739
Income taxes
     10,815       (2,628
  
 
 
   
 
 
 
Net cash provided by operating activities
     122,917       244,423  
  
 
 
   
 
 
 
Cash flows from investing activities:
    
Purchases of property, plant and equipment
     (89,743     (73,957
Purchases of marketable securities
     (247,881     (398,086
Proceeds from maturities of marketable securities
     139,652       460,213  
Proceeds from sales of marketable securities
     143,642       116,112  
Purchase of investment
              (12,000
  
 
 
   
 
 
 
Net cash (used for) provided by investing activities
     (54,330     92,282  
  
 
 
   
 
 
 
Cash flows from financing activities:
    
Issuance of common stock under stock purchase and stock option plans
     16,536       32,581  
Repurchase of common stock
     (532,799     (196,584
Payments of convertible debt principal
     (42,292     (66,828
Dividend payments
     (35,442     (33,271
Payments related to net settlement of employee stock compensation awards
     (32,780     (31,794
  
 
 
   
 
 
 
Net cash used for financing activities
     (626,777     (295,896
  
 
 
   
 
 
 
Effects of exchange rate changes on cash and cash equivalents
     8,014       (489
(Decrease) increase in cash and cash equivalents
     (550,176     40,320  
Cash and cash equivalents at beginning of period
     1,122,199       914,121  
  
 
 
   
 
 
 
Cash and cash equivalents at end of period
   $ 572,023     $ 954,441  
  
 
 
   
 
 
 
Non-cash
investing activities:
    
Capital expenditures incurred but not yet paid:
   $ 1,855     $ 4,503  
The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s
Annual Report on Form
10-K
for the year ended December 31, 2021, are an integral part of the condensed
consolidated financial statements.
 
5

Table of Contents
TERADYNE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
A. THE COMPANY
Teradyne, Inc. (“Teradyne”) is a leading global supplier of automation equipment for test and industrial applications. Teradyne designs, develops, manufactures and sells automatic test systems used to test semiconductors, wireless products, data storage and complex electronics systems in many industries including consumer electronics, wireless, automotive, industrial, computing, communications, and aerospace and defense industries. Teradyne’s industrial automation products include collaborative robotic arms, autonomous mobile robots, and advanced robotic control software used by global manufacturing, logistics and light industrial customers to improve quality, increase manufacturing and material handling efficiency and decrease manufacturing and logistics costs. Teradyne’s automatic test equipment and industrial automation products and services include:
 
 
 
semiconductor test (“Semiconductor Test”) systems;
 
 
 
storage and system level test (“Storage Test”) systems, defense/aerospace (“Defense/Aerospace”) test instrumentation and systems, and circuit-board test and inspection (“Production Board Test”) systems (collectively these products represent “System Test”);
 
 
 
wireless test (“Wireless Test”) systems; and
 
 
 
industrial automation (“Industrial Automation”) products.
B. ACCOUNTING POLICIES
Basis of Presentation
The consolidated interim financial statements include the accounts of Teradyne and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. These interim financial statements are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for the fair statement of such interim financial statements. Certain prior year amounts may have been reclassified to conform to the current year presentation. The December 31, 2021 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by United States of America generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The accompanying financial information should be read in conjunction with the consolidated financial statements and notes thereto contained in Teradyne’s Annual Report on Form
10-K,
filed with the U.S. Securities and Exchange Commission (“SEC”) on February 23, 2022, for the year ended December 31, 2021.
Preparation of Financial Statements and Use of Estimates
The preparation of consolidated financial statements requires management to make estimates and judgments that affect the amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent liabilities. On an
on-going
basis, management evaluates its estimates, including those related to inventories, investments, goodwill, intangible and other long-lived assets, accounts receivable, income taxes, deferred tax assets and liabilities, pensions, warranties, and loss contingencies. Management bases its estimates on historical experience and on appropriate and customary assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Due to the
COVID-19
pandemic, there has been uncertainty and disruption in the global economy and our markets. Management is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of issuance of this Quarterly Report on Form
10-Q.
These estimates may change, as new events occur and additional information is obtained. Actual results may differ significantly from these estimates under different assumptions or conditions.
Convertible Debt
Teradyne adopted Accounting Standards Update (“ASU”) ASU
2020-06
“Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity,”
on January 1, 2022 using the modified retrospective method of adoption
.
Under ASU
2020-06,
Teradyne accounts for a convertible debt instrument as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. Unsettled shares are recorded in current debt, and there is no recognition of a debt discount, which was previously amortized to interest expense. Teradyne uses the
if-converted
method in the diluted earnings per share (“EPS”) calculation for convertible instruments. As a result of adoption, Teradyne recorded an increase of $1.4 million to current debt for unsettled shares, an increase of $6.6 million to long-term debt for unamortized debt discount, an increase of $1.8 million to deferred tax assets and an increase to retained earnings of $94.6 million for the reclassification of the equity component. Mezzanine equity representing unsettled shares value was reduced to zero and additional
paid-in
capital was reduced by $99.3 million.
 
6

C. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
For the six months ended July 3, 2022, there were no recently issued accounting pronouncements that had, or are expected to have, a material impact to Teradyne’s consolidated financial statements.
D. INVESTMENT IN OTHER COMPANY
On June 1, 2021, Teradyne invested $12.0 million in MachineMetrics, Inc. (“MachineMetrics”), a private company that develops and sells products to improve manufacturing performance through automated machine data collection, alerting, and analytics. Teradyne’s investment in MachineMetrics aligns with its strategy of providing and investing in leading edge products for automating industrial production processes in growing markets. The investment was recorded at cost and is evaluated for impairment or an indication of changes in fair value resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer on a quarterly basis. At July 3, 2022, the value of the investment was $12.0 million, and there were no changes during the three and six months ended July 3, 2022.
 
7

E. REVENUE
Disaggregation of Revenue
The following table provides information about disaggregated revenue by timing of revenue recognition, primary geographical market, and major product lines.
 
 
  
Semiconductor Test
 
  
 
 
  
Industrial Automation
 
 
 
 
  
 
 
 
 
 
 
  
System
on-a-Chip
 
  
Memory
 
  
System
Test
 
  
Universal
Robots
 
  
Mobile
Industrial
Robots
 
  
AutoGuide
 
 
Wireless

Test
 
  
Corporate
and
Eliminations

 
 
Total
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
 
  
 
 
 
 
 
 
  
(in thousands)
 
For the Three Months Ended July 3, 2022 (1)
 
  
  
  
  
 
  
 
Timing of Revenue Recognition
  
  
  
  
  
  
 
  
 
Point in Time
  $ 395,211     $ 74,790     $ 118,692     $ 80,409     $ 16,730     $ 1,071     $ 60,765     $ (193   $ 747,475  
Over Time
    64,253       7,094       16,010       2,104       668       73       3,089                93,291  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
  $ 459,464     $ 81,884     $ 134,702     $ 82,513     $ 17,398     $ 1,144     $ 63,854     $ (193   $ 840,766  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Geographical Market
                                                                       
Asia Pacific
  $ 413,537     $ 78,996     $ 95,584     $ 17,357     $ 5,317     $        $ 44,106     $        $ 654,897  
Americas
    28,714       2,552       33,409       27,732       6,085       1,144       17,460       (193     116,903  
Europe, Middle East and Africa
    17,213       336       5,709       37,424       5,996                2,288                68,966  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
  $ 459,464     $ 81,884     $ 134,702     $ 82,513     $ 17,398     $ 1,144     $ 63,854     $ (193   $ 840,766  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
For the Three Months Ended July 4, 2021 (1)
 
                                                       
Timing of Revenue Recognition
                                                                       
Point in Time
  $ 675,958     $ 84,232     $ 88,197     $ 74,412     $ 15,091     $        $ 51,619     $ (146   $ 989,363  
Over Time